Borr Drilling (NYSE:BORR) Stock Price Down 2.9% – Here’s What Happened

Borr Drilling Limited (NYSE:BORR)’s stock price traded down 2.9% during mid-day trading on Wednesday . The stock traded as low as $2.16 and last traded at $2.17. 992,385 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 4,027,904 shares. The stock had previously closed at $2.23.

Borr Drilling Stock Performance

The firm has a market capitalization of $544.19 million, a price-to-earnings ratio of 7.30 and a beta of 1.84. The firm’s 50 day simple moving average is $1.85 and its 200 day simple moving average is $2.71. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.41 and a current ratio of 1.41.

Borr Drilling (NYSE:BORR) last released its quarterly earnings results on Wednesday, May 21st. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.04). Borr Drilling had a net margin of 8.12% and a return on equity of 8.27%. The firm had revenue of $217.50 million for the quarter, compared to analyst estimates of $231.17 million.

Institutional Trading of Borr Drilling

A number of institutional investors and hedge funds have recently made changes to their positions in BORR. Sterling Capital Management LLC raised its position in Borr Drilling by 828.2% during the fourth quarter. Sterling Capital Management LLC now owns 7,593 shares of the company’s stock worth $30,000 after acquiring an additional 6,775 shares during the period. Summit Trail Advisors LLC acquired a new position in Borr Drilling during the first quarter worth $25,000. Oak Thistle LLC purchased a new stake in Borr Drilling in the 1st quarter valued at $26,000. Abel Hall LLC acquired a new stake in shares of Borr Drilling in the 1st quarter worth $29,000. Finally, State of Wyoming purchased a new position in shares of Borr Drilling during the 1st quarter worth $30,000. 83.12% of the stock is currently owned by hedge funds and other institutional investors.

About Borr Drilling

Borr Drilling Limited operates as an offshore shallow-water drilling contractor to the oil and gas industry worldwide. The company owns, contracts, and operates jack-up drilling rigs for operations in shallow-water areas, including the provision of related equipment and work crews to conduct oil and gas drilling and workover operations for exploration and production.